Assumptions in models tend to make
A. the model more realistic.
B. the model predict what the scientist wants the results to be.
C. the model more applicable to specific circumstances.
D. the model always predict the future accurately.
Answer: C
You might also like to view...
Critically evaluate the following statement. "Only poor nations face scarcity. Rich nations have everything they need and have therefore conquered scarcity."
What will be an ideal response?
The "Money Tower of Babel" mentioned in the text refers to
a. the fact that there is too much money floating on the foreign exchange market b. the fact that countries have their own currencies c. the multiple exchange rates for each currency d. the foreign currencies used to strengthen economies e. too much money servicing international trade creates international inflation
Barbara owns a small shop where dresses are made. At the end of a given month, she has 250 dresses. Her expenses for the month are $1,000 for rent, $6,000 for wages, $1,500 for fabric and thread, and $500 for electricity. Her total variable costs for the month are:
A. $8,000. B. $4,000. C. $32 per dress. D. $7,500.
According to the circular flow model, product markets are where:
A. Households earn their money incomes B. Businesses incur their consumption expenditures to households C. Businesses acquire their inputs from households D. Businesses earn their revenues from households